JPY/USD WEEKLY WEDNESDAY VOLATILITY-QUOTED OPTIONS - CONTRACT SPECS

Contract Unit	One futures contract for 12,500,000 Japanese yen
Minimum Price Fluctuation	0.000001 per Japanese yen increment = $12.50 0.0000005 per Japanese yen increment = $6.25 for premium below 0.000005.
Price Quotation	U.S. dollars and cents per Japanese yen increment
Trading Hours	CME Globex:	Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
	Open Outcry:	Monday - Friday 7:20 a.m. – 2:00 p.m. CT
	CME ClearPort:	Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
Product Code	CME Globex: 1JY,2JY,3JY,4JY,5JY CME ClearPort: 1JY,2JY,3JY,4JY,5JY Open Outcry: 1JY,2JY,3JY,4JY,5JY Clearing: 1JY,2JY,3JY,4JY,5JY
Listed Contracts	Weekly contracts listed for 4 consecutive weeks. No weekly option listed the week of the quarterly or serial option expiration.
Settlement Procedures	Option on physical delivery futures contract
Termination Of Trading	Trading terminates at 9:00 a.m. CT on Friday of the contract week.
Position Limits	CME Position Limits
Exchange Rulebook	CME 253A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	Japanese Yen/U.S. Dollar (JPY/USD) Futures

Contract Unit	One futures contract for 12,500,000 Japanese yen
Minimum Price Fluctuation	0.000001 per Japanese yen increment = $12.50 0.0000005 per Japanese yen increment = $6.25 for premium below 0.000005
Price Quotation	U.S. dollars and cents per Japanese yen increment
Trading Hours	CME Globex:	Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
	Open Outcry:	Monday - Friday 7:20 a.m. – 2:00 p.m. CT
	CME ClearPort:	Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Product Code	CME Globex: JPU CME ClearPort: JPU Open Outcry: JPU Clearing: JPU
Listed Contracts	Eight (8) months in the March quarterly cycle (Mar, Jun, Sep, Dec) plus eight (8) serial months.
Settlement Procedures	Option on physical delivery futures contract
Termination Of Trading	Trading terminates at 9:00 a.m. CT on the second Friday prior to the third Wednesday of the contract month.
Position Limits	CME Position Limits
Exchange Rulebook	CME 253A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	Japanese Yen/U.S. Dollar (JPY/USD) Futures

Contract Unit	One futures contract for 12,500,000 Japanese yen
Minimum Price Fluctuation	0.000001 per Japanese yen increment = $12.50
Price Quotation	U.S. dollars and cents per Japanese yen increment
Trading Hours	Sunday 5:00 p.m. - Friday - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
Product Code	CME Globex: VJA,VJB,VJC,VJD,VJE Clearing: VJA,VJB,VJC,VJD,VJE
Listed Contracts	Weekly contracts listed for 4 consecutive weeks
Settlement Procedures	Physical-Exercise into Futures
Termination Of Trading	Trading terminates at 4:00 p.m. CT on Thursday of the contract week
Position Limits	CME Position Limits
Exchange Rulebook	CME 253A
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	Japanese Yen/U.S. Dollar (JPY/USD) Futures

Contract Unit	One futures contract for 12,500,000 Japanese yen
Minimum Price Fluctuation	0.01 per Japanese yen increment
Price Quotation	U.S. dollars and cents per Japanese yen increment
Trading Hours	Sunday 5:00 p.m. - Friday - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
Product Code	CME Globex: VXJ Clearing: VXJ
Listed Contracts	Eight (8) months in the March quarterly cycle (Mar, Jun, Sep, Dec) plus eight (8) serial months.
Settlement Procedures	Physical-Exercise into Futures
Termination Of Trading	Trading terminates at 4:00 p.m. CT on the business day before the second Friday prior to the third Wednesday of the contract month.
Position Limits	CME Position Limits
Exchange Rulebook	CME 253A
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	Japanese Yen/U.S. Dollar (JPY/USD) Futures

Contract Unit	One futures contract for 12,500,000 Japanese yen
Minimum Price Fluctuation	0.000001 per Japanese yen increment = $12.50
Price Quotation	U.S. dollars and cents per Japanese yen increment
Trading Hours	Sunday - Friday 5:00 p.m. - 4:00 p.m. with a 60-minute break each day beginning at 4:00 p.m. CT
Product Code	CME Globex: VJ1,VJ2,VJ3,VJ4,VJ5 Clearing: VJ1,VJ2,VJ3,VJ4,VJ5
Listed Contracts	Weekly contracts listed for 4 consecutive weeks
Settlement Procedures	Physical-Exercise into Futures
Termination Of Trading	Trading terminates at 4:00 p.m. CT on Tuesday of the contract week.
Position Limits	CME Position Limits
Exchange Rulebook	CME 253A
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	Japanese Yen/U.S. Dollar (JPY/USD) Futures

Contract Unit	One futures contract for 12,500,000 Japanese yen
Minimum Price Fluctuation	0.000001 per Japanese yen increment = $12.50 0.0000005 per Japanese yen increment = $6.25 for premium below 0.000005.
Price Quotation	U.S. dollars and cents per Japanese yen increment
Trading Hours	CME Globex:	Sunday 5:00 p.m. - Friday - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
	CME ClearPort:	Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
	Open Outcry:	Monday - Friday 7:20 a.m. – 2:00 p.m. Central Time (CT)
Product Code	CME Globex: WJ1,WJ2,WJ3,WJ4,WJ5 CME ClearPort: WJ1,WJ2,WJ3,WJ4,WJ5 Open Outcry: WJ1,WJ2,WJ3,WJ4,WJ5 Clearing: WJ1,WJ2,WJ3,WJ4,WJ5
Listed Contracts	Weekly contracts listed for 4 consecutive weeks
Settlement Procedures	Option on physical delivery futures contract
Termination Of Trading	Trading terminates at 9:00 a.m. CT on Wednesday of the contract week.
Position Limits	CME Position Limits
Exchange Rulebook	CME 253A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	Japanese Yen/U.S. Dollar (JPY/USD) Futures

Contract Unit	One futures contract for 12,500,000 Japanese yen
Minimum Price Fluctuation	0.000001 per Japanese yen increment = $12.50 0.0000005 per Japanese yen increment = $6.25 for premium below 0.000005
Price Quotation	U.S. dollars and cents per Japanese yen increment
Trading Hours	CME Globex:	Sunday 5:00 p.m. - Friday - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
	CME ClearPort:	Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
	Open Outcry:	Monday - Friday 7:20 a.m. – 2:00 p.m. CT
Product Code	CME Globex: MJ1,MJ2,MJ3,MJ4,MJ5 CME ClearPort: MJ1,MJ2,MJ3,MJ4,MJ5 Open Outcry: MJ1,MJ2,MJ3,MJ4,MJ5 Clearing: MJ1,MJ2,MJ3,MJ4,MJ5
Listed Contracts	Weekly contracts listed for 4 consecutive weeks
Settlement Procedures	Option on physical delivery futures contract
Termination Of Trading	Trading terminates at 9:00 a.m. CT on Monday of the contract week.
Position Limits	CME Position Limits
Exchange Rulebook	CME 253A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	+/- 8 strikes at 0.000025 interval plus an additional +/-10 strikes at 0.000050 interval
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	Japanese Yen/U.S. Dollar (JPY/USD) Futures

Quick Links

Tools

Daily Reports and Settlements

Final Settlements

Product Related

CME ClearPort

FAQ: FX EFRP & Block Trades

Resources

CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs).
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

Markets Home

Market Data Home

Services Home

Education Home